The fact that "IE5" is in the name is unrelated to anything, aitch.
Yes, you can delete it (though they're /supposed/ to be there and only grow
as large as your TIF max settings permit) but you have to do so in MS-DOS
Mode in Win98:
http://inetexplorer.mvps.org/answers_8.htm#deltree
<quote>
Shut down all programmes and boot into DOS... Run the following commands
from the windows directory, typically c:\windows\>
smartdrv [this will keep it from taking hours, if not days! ~PAB]
deltree history (note: use this command to delete the history folder)
deltree tempor~1 (note: use this command to delete the IE cache)
deltree cookies (note: use this command to delete the cookies folder)
[and while you're at it, why not also...]
deltree recent~
Reboot using ctrl, alt, del if using Windows 95 or 98.
</quote>
Users are generally advised to do this only when corruption in these folders
is suspected. Otherwise, go to IE Tools>Internet
Options>General>TIF>Settings and decrease 'Amount of disk space to use'
setting to the bare minimum. IMO anything higher than 50 MB should only be
needed by those still using dial-up.